Bankman-Fried was charged with seven counts of wire fraud, securities fraud and money laundering after his crypto exchange, FTX, and hedge fund, Alameda Research, collapsed.
Sam Bankman-Fried, once hailed as a genius in cryptocurrency, was found guilty Thursday of all fraud counts against him, a year after his exchange, FTX, imploded and practically wiped out thousands of customers.
Bankman-Fried, a co-founder of the digital currency exchange FTX, was charged with seven counts of wire fraud, securities fraud and money laundering that swindled customers of FTX and lenders to its affiliated hedge fund, Alameda Research.
Bankman-Fried “perpetrated one of the biggest financial frauds in American history,” Damian Williams, the U.S. attorney for the Southern District of New York, said after the verdict.
Unnerved by disclosures about the firm’s financial position, many of FTX’s customers tried to get their money back.
Bankman-Fried’s lawyers contended that he did not intend to defraud anyone and that the government was looking for someone to blame after the failures of FTX and Alameda.
“It’s a warning, this case, to every single fraudster out there who thinks that they’re untouchable or that their crimes are too complex for us to catch or that they’re too powerful for us to prosecute or that they could try to talk their way out of it when they get caught,” he said.
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This is the best summary I could come up with:
Sam Bankman-Fried, once hailed as a genius in cryptocurrency, was found guilty Thursday of all fraud counts against him, a year after his exchange, FTX, imploded and practically wiped out thousands of customers.
Bankman-Fried, a co-founder of the digital currency exchange FTX, was charged with seven counts of wire fraud, securities fraud and money laundering that swindled customers of FTX and lenders to its affiliated hedge fund, Alameda Research.
Bankman-Fried “perpetrated one of the biggest financial frauds in American history,” Damian Williams, the U.S. attorney for the Southern District of New York, said after the verdict.
Unnerved by disclosures about the firm’s financial position, many of FTX’s customers tried to get their money back.
Bankman-Fried’s lawyers contended that he did not intend to defraud anyone and that the government was looking for someone to blame after the failures of FTX and Alameda.
“It’s a warning, this case, to every single fraudster out there who thinks that they’re untouchable or that their crimes are too complex for us to catch or that they’re too powerful for us to prosecute or that they could try to talk their way out of it when they get caught,” he said.
The original article contains 658 words, the summary contains 196 words. Saved 70%. I’m a bot and I’m open source!